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February 2014 Archives

Texas estate planning: Is a will or a trust better for you?

Most people don't want to think about what is going to happen to their personal property when they die. For this reason, estate planning and the questions that arise from the process are usually the last thing on any Texas resident's mind. Nevertheless, the question of whether one needs to set up a trust versus using a traditional will is one that may need to be answered.

Beneficiary concerns regarding the family farm in Texas

According to one agricultural estate planning expert, changing circumstances are making it more difficult for Texas residents to bequeath the family farm to their heirs. What worked for one generation will not necessarily work for the next due to constantly changing tax laws. Indeed, individuals who have beneficiary concerns regarding their ability to pass on their farm to heirs may benefit from attending workshops and educational seminars regularly to ensure that they are up to date with current tax regulations.

What is involved in Texas estate planning

Many Texas residents fail to plan for what happens to their assets when they pass away. Without estate planning, state law determines the disposition of a person's assets. The manner in which the state distributes a person's assets is often not in line with what he or she may have wanted.

Blended families in Texas face complex estate planning issues

It is common now for many Texas families to be a combination of step-parents and half or step-siblings. However, with this comes some complex issues that do not typically exist in traditional estate planning. When it comes to blended families, trusts are often a helpful tool to ensure that the spouse is taken care of and the children are not disinherited. Trusts can help with tax planning, too.